Electronic Record Keeping

E-SIGN Act
Sarbanes-Oxley Act (SOX)Federal Deposit Insurance Corporation (FDIC)
Federal Financial Institutions Examination Council (FFIEC)
National Credit Union Administration (NCUA)
Office of Thrift Supervision (OTS)Risk Management

This advisory letter highlights issues regarding bank electronic record systems in light of the E-SIGN Act. 15 USC 7001, et seq. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems.

BACKGROUND

Federal legislation changed the legal framework for electronic records and will likely result in more banks adopting electronic record retention systems. Banks can implement electronic record retention systems in many ways to support different business processes. Some examples of possible electronic record retention systems are loan file imaging, retention of paperless applications and online agreements, and the use of electronic payment systems.

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